Fundtech names Argov chairman and Stern member of board

Fundtech names Argov chairman and Stern member of board

New Jersey-based EFT firm Fundtech has named equity investor Gideon Argov as chairman of its board of directors and has appointed Stanley Stern as member of the board.

Argov is currently managing director of private equity investment firm Parthenon Capital.

Prior to joining Parthenon Capital in 2001, he was chairman, CEO and president of Kollmorgen Corporation. Prior to this Argov was the CEO of High Voltage Engineering Corporation, a leveraged buyout multi-location Nyse corporation engaged in manufacturing medium-tech industrial products.

Stern has been head of investment banking at CE Unterberg Towbin since 2002. He was previously managing director for the USA and a member of the board of directors at global venture capital firm STI Ventures. Prior to this Stern was a partner with Oppenheimer & Co and CIBC/Oppenheimer, holding a number of roles including head of technology investment banking.

Argov and Stern replace Meir Shannie and Yeoshua Agassi who resigned from the board. Avi Fischer who temporarily replaced Shannie pending the new appointements has also resigned.

Reuven Ben Menachem, who was CEO and chairman of Fundtech, will continue to serve as CEO and director.

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